European Electric Metals Not Proceeding with Rehova Copper Project
August 23, 2019
European Electric Metals (“EVX” or “the Company”) has decided not to proceed with the Rehova Copper Project in Albania.
In 2018, EVX mobilized a drill rig and its crew and a geological team to site and drilled 11 holes (completing 9 of the holes) at the Rehova Copper Project in Albania. This EVX drill program was designed to follow up on historical drilling and also on EVX geophysical survey completed in 2017 (see EVX News Release May 2, 2018 for details of drilling including collar locations).
The Company then acquired drilling data of 672 historic drill holes and engaged a consulting firm to develop a geological model of Rehova, which was completed. EVX also completed detailed geological mapping of the area.
EVX then received a renewal certificate of its mining license (“Certificate”) covering the Rehova Copper Project. The Certificate was issued on March 27, 2019 by the National Agency of Natural Resources (AKBN) of Albania.
It is the opinion of the Company that drill results to date combined with an analysis of the historical data do not support advancing the project towards production. While some of the EVX drilling encountered good grades of copper mineralization as previously reported, size potential still has not been proven and the Company has not been able to generate any interest from potential industry partners to advance the project through district scale exploration nor is there any assurance the Company would be able to transition its mining license to an exploration license which, in the view of the Company would be the more appropriate license given the need for further exploration to test potential.
EVX maintains license applications in Portugal as previously described and is actively searching for projects in a variety of jurisdictions.
Jose Mario Castelo Branco, EuroGeol, a Qualified Person under the meaning of Canadian National Instrument 43 101 and Chief Geologist of the Company, is responsible for the technical content of this news release.
On behalf of the Company
Fred Tejada, Chief Executive Officer and Director
Forward-Looking Statements. This news release contains “forward-looking” statements and information relating to the Company and Rehova are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, community relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.